Fannie Mae Silence on Taylor Bean Led to $3 Billion Fraud

The first sign of what would ultimately become a $3 billion fraud surfaced Jan. 11, 2000, when Fannie Mae executive Samuel Smith discovered Taylor, Bean & Whitaker Mortgage Corp. sold him a loan owned by someone else, Bloomberg News’ Tom Schoenberg reports. Fannie Mae, the government-sponsored enterprise which issues almost half of all mortgage-backed securities, …